How to advertise rental property: Marketing tips to find renters

Andriy Blokhin // Shutterstock Whether it’s a brand new property you’re renting out for the first time or your long-time tenants are leaving, knowing how to advertise rental property smartly and efficiently can make all the difference when finding your next tenants. But marketing your unit isn’t just about finding any tenant. It’s about attracting quality applicants to make sure you’re filling vacancies with the best possible tenant you can find. It’s also about standing out from the pack and convincing potential applicants that your unit is the one they need. A well-planned advertising strategy helps you reach these goals. It will enable you to fill vacancies faster, reduce turnover, and keep your units flush with quality tenants. TurboTenant explains how to advertise your rental property. Understand the Rental Market The first step in a successful marketing campaign is fully understanding your unit’s rental market. Learning about the local community, what’s important to renters, and what tenants expect in a rental property are all critical. Set competitive prices: Do some comparative research to find out what other landlords are getting for units like yours. Don’t set your rent too high or sell yourself too short. Find the sweet spot to cover your expenses and attract tenants. Know your audience: Knowing your local market’s demographic makeup and trends is imperative to reaching your area’s pool of applicants. Is it mostly students or young professionals? Are you speaking to families or older singles? Find your audience: Once you know your audience, find them where they are. Social media might be the best way to reach students or younger demographics. For families, consider sites like Nextdoor or post fliers on local community boards. Create Attractive Listings Now that you know who you’re advertising to, how do you convince people that your property is the only one for them? Creating a stand-out, attractive listing is about highlighting your property’s best parts. Hire a professional photographer: Everyone with a smartphone thinks they’re Ansel Adams. But, hiring a professional photographer can make a meaningful impact in capturing the highlights of your property. Ultimately, it might mean the difference between someone clicking on your ad or scrolling right by. Highlight your property’s best features: Once you’ve captured their attention, sell them on your incredible property. Maybe it’s all about location. Or maybe you can show off the new fixtures in the bathroom. Whatever you love most about the property, there’s a good chance someone else will, too. Use your words: Creating clean, concise property details summarizing your unit’s features will go a long way toward rounding out the story and attracting applications. Time Your Rental Listing for Peak Season You’ve probably heard the expression, “Timing is everything.” Timing can be critical in deciding when to list your rental since, in many areas, rental prices can swing wildly depending on the time of year. There are many factors at play when renting out property, but if you can, planning to time your listing in the late spring into summer can significantly improve your chances of landing a quality tenant. During this stretch, more renters actively search for housing, giving you a larger pool of applicants. Additionally, high demand could allow you to charge higher prices. While not the worst-case scenario, the offseason typically results in fewer people looking for rental properties, which can depress prices due to lower demand. So, if you’re able to, time that listing to maximize those views. Market Your Rental Across Multiple Online Platforms More people search for properties online now than ever before, meaning that to reach the widest range of potential applicants, it’s crucial to incorporate online listings into your advertising plan. Websites like Redfin, Apartments.com, Rent.com, and even Craigslist can deliver a wide range of visibility to your listing and help you connect with tenants looking for exactly the kind of unit you’re listing. The more platforms you utilize, the more eyeballs you’ll reach, meaning you’re more likely to find a qualified tenant to snatch up your property. Utilize Social Media to Reach More Potential Renters As discussed above, finding potential renters where they already are is a key component of an effective and strategic advertising plan. For many renters, social media is one of the most common places they first turn to find new places to live. Utilizing Facebook, Instagram, YouTube, and others on an ongoing basis can build a loyal following that will view and engage with your postings and potentially share them with friends. Sharing on social media is so easy that encouraging your followers to share the post (especially if there’s an incentive) can be a way to fill your vacant unit right now and gain more followers for vacancies that pop up down the line. Social media is a must when advertising rental property in 2024, as it allows users to utilize engaging visuals, insightful content, virtual tours, and detailed property descriptions. Put Up “For Rent” Signs Digital marketing is all well and good, but that doesn’t mean the classics don’t bear some consideration. A physical “For Rent” sign might feel old school, but sometimes it’s exactly what you need to find the right tenant. Physical “For Rent” signs are a great way to reach people who frequent a particular neighborhood, especially in highly walkable areas like cities and bustling suburban centers. They allow you to connect directly to people walking, biking, jogging, or driving past the rental, enabling the renter to visualize the location and understand its surroundings. While a physical sign might feel outdated, don’t sleep on a classic. Create an Exceptional Tenant Experience One of the most effective ways to ensure long-term success as a landlord is by fostering happy tenants through an exceptional tenant experience. Happy tenants are more likely to renew their lease, which reduces turnover and lessens the need for constant marketing. Additionally, a happy customer is more likely to write positive reviews about their experience online, which can strengthen your reputation in the community and build up your store of five-star reviews. The resulting positive word of mouth will help to attract new renters, especially when someone is choosing between your rental and another option. Finally, satisfied clients are more likely to recommend your units to friends, leading to a strong referral network. Referral business is a massive win for any business, as it reduces the time you have to spend farming for and converting leads, leaving more time for taking care of your existing tenants. Offer Referral Bonuses to Existing Tenants  Speaking of referrals, a referral bonus can be a powerful strategy for filling vacancies with applicants who have been vouched for by your existing tenants. If an existing tenant helps you fill a vacancy, you could reward them with a finder’s fee, gift card, or discount on their rent, encouraging them to send qualified applicants your way. Having your tenants market your vacant units for you is a great way to save time and money on your marketing. It can also help foster a strong sense of community that pays lasting dividends among your tenants. Happy tenants create more happy tenants; a referral chain is a powerful way to start. Advertise Your Properties with Software Often, all your property marketing strategies exist as one-off solutions that don’t integrate easily. So, for every listing site you choose, you’ll find yourself with another ad-hoc platform to tend to. Consider using software to put them all in a single location for a streamlined property advertising experience. This story was produced by TurboTenant and reviewed and distributed by Stacker.